Pfizer to pay $60 million to settle bribery allegation

Pfizer will pay around $60m to settle allegations that it paid kickbacks in order to encourage the uptake of its products outside the US.

Wall Street Journal reports that Pfizer has agreed to make the settlement by the end of the year. The payment would bring to close federal investigations into its overseas sales practices under the US Foreign Corrupt Practices Act. Pfizer is reportedly one of several drug companies investigated in order to make companies start complying with programs that ensure they don’t violate the law. Johnson & Johnson is said to had earlier in the year agreed to pay almost $80m to settle charges over kickbacks to officials in Europe and Iraq in exchange for medical device and pharmaceutical orders. Other firms reportedly under scrutiny are Merck & Co, AstraZeneca, Bristol-Myers Squibb and GlaxoSmithKline amongst others.